Taiwan’s “Golden Management Association” held a public hearing to hold a public hearing on the afternoon of April 12, in order to formulate a securities-based token (STO) regulatory norm. Gu Lixiong, the chairman of the “Golden Management Committee”, said that a balanced standard will be formulated based on external opinions and is expected to be officially announced in June. After referring to the national regulatory norms and current practice cases, the “Golden Management Committee” has initially drafted regulatory norms: According to Article 6 of the Securities Exchange Law, STO is a securities of the Securities Exchange Law and adopts hierarchical management. The amount of funds raised is 30 million. Taiwan dollar (about 6.5 million yuan) can be exempted from the 22 law of the Securities and Exchange Commission, as long as it is declared effective to the "Golden Management Committee"; if the amount of funds raised exceeds 30 million Taiwan dollars, it should apply for supervision of the sandbox experiment, and the relevant regulations will look at the supervision sandbox experiment in the future. The results are discussed again. In addition, the amount of funds raised is less than 30 million Taiwan dollars, limited to professional subscription, including professional institutions and professional natural persons with assets of more than 30 million Taiwan dollars, and the investment limit for natural persons is 100,000 Taiwan dollars per person.